Arent Fox Again Posts Gains in Revenue, Profits
The firm has seen revenue and profits grow each year since the Great Recession.
February 20, 2018 at 04:29 PM
3 minute read
Arent Fox capped off its most profitable year ever in 2017, said chairman Mark Katz, building on revenue and profit growth that has kept up unabated since 2009.
The Washington-based firm increased revenue nearly 7 percentage points last year to $303.5 million, according to preliminary ALM reporting. Revenue per lawyer ticked up 3.4 percent, to $877,000, as the firm added 11 lawyers for a total attorney head count of 346.
Profits per partner rose 6.7 percent to $1.067 million. The size of the equity partnership remained unchanged at 100 partners, while the firm's nonequity tier shed four partners, for 65 in all.
“We think that the reason for our strong growth over the period [since 2009] is a function of the strategy we've maintained of maintaining a balanced-practice mix,” Katz said.
While he said all of the firm's practice groups ended close to the firm's budgeted expectations, he cited four particularly strong areas: international trade, real estate and real estate finance, white collar and automotive.
Katz said the Trump administration's “America First” stance on trade had significantly boosted the firm's international trade practice. Going forward, he said he anticipates the firm's tax lawyers will be extremely active as they continue to digest the new tax legislation.
In terms of other 2018 expectations, “There is some uncertainty in connection in enforcement in some regulated industries,” said Cristina Carvalho, Arent Fox's managing partner in D.C. “So I think we are seeing a shift in the regulatory environment.”
Among partner moves last year, the firm brought on Robert Capers, former U.S. attorney for the Eastern District of New York, to its government enforcement and white-collar practice. Michael Kelley also left Akerman for Arent Fox's corporate and securities practice in late 2017.
Earlier this year, Arent Fox added sports partner Jennifer Pogorelec O'Sullivan to its New York office from Hand Baldachin & Amburgey, where she led the sports practice group.
Arent Fox's sports practice has grabbed attention in recent years, including counseling the Los Angeles Lakers on the practice facility they officially moved into last year, and the firm's work with the Tampa Bay Rays.
Last March, Arent Fox patent prosecution and intellectual property partner Robert Schulman in D.C. was convicted of insider trading in New York. Arent Fox hired Schulman in late 2015 as part of a four-lawyer team coming from Hunton & Williams, where Schulman worked when making the tip that led to his downfall.
Katz said the firm employs a “very careful” process of interviewing and vetting its lateral hires and that Schulman's conviction has not affected the firm's business.
“It's unfortunate what happened to Rob,” Katz said before noting that all of the clients that came with Schulman remained with Arent Fox.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllWhen Police Destroy Property, Is It a 'Taking'? Maybe So, Say Sotomayor, Gorsuch
Justices Seek Solicitor General's Views on Music Industry's Copyright Case Against ISP
SEC Obtained Record $8.2 Billion in Financial Remedies for Fiscal Year 2024, Commission Says
SEC Targets Rising Crypto Financier in $115 Million Securities Fraud
3 minute readTrending Stories
- 1Cars Reach Record Fuel Economy but Largely Fail to Meet Biden's EPA Standard, Agency Says
- 2How Cybercriminals Exploit Law Firms’ Holiday Vulnerabilities
- 3DOJ Asks 5th Circuit to Publish Opinion Upholding Gun Ban for Felon
- 4GEO Group Sued Over 2 Wrongful Deaths
- 5Revenue Up at Homegrown Texas Firms Through Q3, Though Demand Slipped Slightly
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250